求高手帮忙翻译一篇会计专业英语论文摘要,千万不要在线翻译的,谢谢了。
Therearetwotaxincentivesforcorporationstohedge:toincreasedebtcapacityandinteresttaxde...
There are two tax incentives for corporations to hedge: to increase debt capacity
and interest tax deductions, and to reduce expected tax liability if the tax function
is convex. We test whether these incentives affect the extent of corporate hedging
with derivatives. Using an explicit measure of tax function convexity, we find no
evidence that firms hedge in response to tax convexity. Our analysis does, however,
indicate that firms hedge to increase debt capacity, with increased tax benefits
averaging 1.1 percent of firm value. Our results also indicate that firms hedge
because of expected financial distress costs and firm size. 展开
and interest tax deductions, and to reduce expected tax liability if the tax function
is convex. We test whether these incentives affect the extent of corporate hedging
with derivatives. Using an explicit measure of tax function convexity, we find no
evidence that firms hedge in response to tax convexity. Our analysis does, however,
indicate that firms hedge to increase debt capacity, with increased tax benefits
averaging 1.1 percent of firm value. Our results also indicate that firms hedge
because of expected financial distress costs and firm size. 展开
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有两种税收激励对企业对冲:增加债务能力
和利息减税,降低预期税收责任如果税收函数
是凸。我们测试这些激励措施是否影响企业套期保值的程度
与衍生品。使用一个明确的衡量税收函数凸性,我们没有发现
证据表明公司对冲在应对税收凸性。我们的分析是这样的,然而,
表明公司对冲增加债务能力,增加税收优惠
平均1.1%的公司价值。我们的结果也表明公司对冲
因为预期的财务困境成本和企业规模。
和利息减税,降低预期税收责任如果税收函数
是凸。我们测试这些激励措施是否影响企业套期保值的程度
与衍生品。使用一个明确的衡量税收函数凸性,我们没有发现
证据表明公司对冲在应对税收凸性。我们的分析是这样的,然而,
表明公司对冲增加债务能力,增加税收优惠
平均1.1%的公司价值。我们的结果也表明公司对冲
因为预期的财务困境成本和企业规模。
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Google有翻译的
追问
在线翻译对这种论文的翻译不怎么可靠吧
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